What is the current unemployment rate in New York City?
The latest statistics from the state Labor Department put the city’s seasonally adjusted unemployment rate at 7.6%, the worst of any New York metro area and nearly double the national average of 4%.
How does the BLS calculate the unemployment rate?
The unemployment rate represents the number of unemployed people as a percentage of the labor force (the labor force is the sum of the employed and unemployed). The unemployment rate is calculated as: (Unemployed ÷ Labor Force) x 100.
What is the unemployment rate in New York 2021?
6.9 percent
In 2021, the unemployment rate in New York was at 6.9 percent. This is a decrease from the previous year, when the unemployment rate stood at 9.9 percent, which was the highest recorded unemployment rate in the state since 1992.
What was the latest reported figure for the U.S. unemployment rate See BLS gov?
3.6 percent
Total nonfarm payroll employment rose by 431,000 in March, and the unemployment rate declined to 3.6 percent, the U.S. Bureau of Labor Statistics reported today.
Is unemployment high in ny?
The unemployment rate has plummeted to 4.2 percent, close to where it stood before the pandemic. But in New York City, the economy appears to be in a rut. After gaining 350,000 jobs in the last months of 2020, employment has slowed considerably this year, with just 187,000 jobs added since March.
What does the unemployment rate tell us about an economy’s health?
The unemployment rate provides insights into the economy’s spare capacity and unused resources. Unemployment tends to be cyclical and decreases when the economy expands as companies contract more workers to meet growing demand. Unemployment usually increases as economic activity slows.
Why is full employment not the same as zero unemployment?
Full employment is not the same as zero unemployment because there are different types of unemployment, and some are unavoidable or even necessary for a functioning labor market. At any given time, jobs are being created and destroyed as industries evolve, and the transition from old jobs to new is not seamless.
What US state has the lowest unemployment rate?
Unemployment Nebraska and Utah had the lowest jobless rates in March, 2.0 percent each. The next lowest rates were in Indiana, 2.2 percent, and Montana, 2.3 percent.
Which state has the highest unemployment rate?
Unemployment rate by jurisdiction
| Rank | Rank (50 states) | State federal district or territory |
|---|---|---|
| 1 | — | American Samoa |
| — | — | Northern Mariana Islands |
| 2 | — | Puerto Rico |
| 3 | 1 | Nevada |
What was the unemployment rate in 2021?
4. Summary
| Level/Rate | Change on year | |
|---|---|---|
| Unemployment rate (aged 16 years and over) | 4.2% | -0.9pp |
| Economically inactive (000s, aged 16 to 64 years) | 8,746 | +77 |
| Economic inactivity rate (aged 16 to 64 years) | 21.2% | +0.2pp |
| Total weekly hours (millions) | 1,024.4 | +74.1 |
What is the current national unemployment rate for the United States per the BLS Gov as of January 2022?
6.0 4.0
Employment Situation News Release
| Category | Mar. 2021 | Jan. 2022 |
|---|---|---|
| Unemployment rate | 6.0 | 4.0 |
| Not in labor force | 100,372 | 99,516 |
| Unemployment rates | ||
| Total, 16 years and over | 6.0 | 4.0 |
Why is unemployment so high in New York City?
The labor market is so strong that millions of workers are leaving their jobs in what’s been nicknamed the Great Resignation. Not so in New York. Bank earnings and real estate prices have soared but offices in Midtown Manhattan and the Financial District remain under-occupied as employees opt to work from home.